Sam Bankman-Fried, the CEO of the Hong Kong-based cryptocurrency derivatives exchange FTX, donated $ 5.2 million to Vice President Joe Biden’s presidential campaign.
Such as The Wall Street Journal reported On Oct. 28, Biden’s presidential campaign received a total of $ 79.5 million from the top 100 donors who describe themselves as CEOs. Bankman-Fried is reportedly the second-largest “CEO contributor” to the campaign, after Michael Bloomberg, a co-founder of the eponymous financial and media company, who donated $ 56 million.
The main contributions of CEOs to both Biden and current President Donald Trump are just a drop in the bucket. Both campaigns brought in $ 2.2 billion dollars along with their outside lenders.
While Bankman-Fried is a “relative newcomer to political spending,” according to The Wall Street Journal, FTX has already delved into the arena.
In February 2020, FTX set up a futures contract designed to allow merchants to bet on Trump’s re-election in 2020. The contract, called Trump Token, will expire to $ 1 if Trump wins the 2020 US presidential election and $ 0 if he loses. According to the latest recorded data data, the majority of traders has bet on “Trump Lose”. FTX then launched a similar futures contract for Trump’s rival Biden.
At the time of publication, votes for the US presidential election are still being counted, with the winner declared so far.